Virginia Closing Agreement

• Category: Corporations - Public
• State: Multi-State
• Control #: US-EG-9432
• Format: Word; Rich Text

Description

Closing Agreement between NetRatings, Inc. and Nielsen Media Research, Inc. setting forth the closing procedures for additional investments dated December 21, 1999. 2 pages. A Virginia Closing Agreement is a legal document that finalizes a resolution between the taxpayer and the Virginia Department of Taxation (VDT). It outlines the terms and conditions under which both parties agree to settle a tax dispute or liability. This agreement helps taxpayers avoid lengthy litigation processes and provides a means to resolve tax issues amicably. The Virginia Closing Agreement can cover various types of tax matters, including income tax, sales tax, use tax, estate tax, and other state taxes levied in Virginia. It is a comprehensive agreement that typically includes details about the taxpayer's tax liability, the issues in question, and the agreed-upon resolution terms agreed upon by both parties. The agreement minimizes uncertainties and potential risks and offers taxpayers an opportunity to resolve a tax controversy. It ensures that taxpayers can settle their tax obligations in a fair and equitable manner, while the VDT can collect the appropriate amount of taxes owed. Some common types of Virginia Closing Agreements include: 1. Income Tax Closing Agreement: This agreement pertains to disputes related to the calculation or reporting of income taxes. It addresses issues such as unreported income, deductions, credits, or any discrepancies in tax filings. 2. Sales and Use Tax Closing Agreement: This agreement primarily concerns disputes revolving around sales tax or use tax obligations. It may include issues related to tax ability, nexus, exemptions, or the correct application of tax rates. 3. Estate Tax Closing Agreement: In the case of estate taxes, this agreement resolves disputes related to the valuation of assets, allowable deductions, or any inconsistencies between the taxpayer and the VDT regarding estate tax calculations. 4. Withholding Tax Closing Agreement: This agreement focuses on disputes related to employer withholding tax obligations. It may address issues such as employee misclassification, underreporting of wages, or incorrect calculation of withholding amounts. 5. Penalty and Interest Abatement Closing Agreement: This agreement provides an opportunity for taxpayers to request the abatement of penalties and interest assessed by the VDT. It usually requires a demonstration of reasonable cause as to why penalties and interest should be waived. Virginia Closing Agreements aim to provide taxpayers with a fair and efficient way to resolve tax disputes and bring about a final resolution. It is important for individuals and businesses in Virginia to understand the specific type of Closing Agreement that applies to their tax matter and work towards a mutually agreed-upon settlement with the VDT.

A Virginia Closing Agreement is a legal document that finalizes a resolution between the taxpayer and the Virginia Department of Taxation (VDT). It outlines the terms and conditions under which both parties agree to settle a tax dispute or liability. This agreement helps taxpayers avoid lengthy litigation processes and provides a means to resolve tax issues amicably. The Virginia Closing Agreement can cover various types of tax matters, including income tax, sales tax, use tax, estate tax, and other state taxes levied in Virginia. It is a comprehensive agreement that typically includes details about the taxpayer's tax liability, the issues in question, and the agreed-upon resolution terms agreed upon by both parties. The agreement minimizes uncertainties and potential risks and offers taxpayers an opportunity to resolve a tax controversy. It ensures that taxpayers can settle their tax obligations in a fair and equitable manner, while the VDT can collect the appropriate amount of taxes owed. Some common types of Virginia Closing Agreements include: 1. Income Tax Closing Agreement: This agreement pertains to disputes related to the calculation or reporting of income taxes. It addresses issues such as unreported income, deductions, credits, or any discrepancies in tax filings. 2. Sales and Use Tax Closing Agreement: This agreement primarily concerns disputes revolving around sales tax or use tax obligations. It may include issues related to tax ability, nexus, exemptions, or the correct application of tax rates. 3. Estate Tax Closing Agreement: In the case of estate taxes, this agreement resolves disputes related to the valuation of assets, allowable deductions, or any inconsistencies between the taxpayer and the VDT regarding estate tax calculations. 4. Withholding Tax Closing Agreement: This agreement focuses on disputes related to employer withholding tax obligations. It may address issues such as employee misclassification, underreporting of wages, or incorrect calculation of withholding amounts. 5. Penalty and Interest Abatement Closing Agreement: This agreement provides an opportunity for taxpayers to request the abatement of penalties and interest assessed by the VDT. It usually requires a demonstration of reasonable cause as to why penalties and interest should be waived. Virginia Closing Agreements aim to provide taxpayers with a fair and efficient way to resolve tax disputes and bring about a final resolution. It is important for individuals and businesses in Virginia to understand the specific type of Closing Agreement that applies to their tax matter and work towards a mutually agreed-upon settlement with the VDT.